Weather warnings prompt business insurance reevaluation

Following some particularly harsh storms seen in Western Australia last week, the state government has issued a warning to remind people about the potential damages wild weather can cause. Emergency Services Minister Joe Francis said planning and preparation were key to reduce the damage to both your health and your property.

"The devastating impact of severe weather can often be underestimated, because most storms are short lived and major damage only occurs in small areas," said Mr Francis in a May 12 statement.

"With strong winds, heavy rainfall and hail often accompanying storms, they can cause millions of dollars in property damage and pose a threat to people. While winter does not officially start until next month, it is vital to get your home, business and family ready while conditions are still relatively mild."

With this in mind, now could be the perfect time to consider reevaluating the business property insurance policies you have in place to protect your livelihood in the event of disaster.

What are some of the things you should look at?

With business insurance, ensuring you look after the basics of your operation is essential. After all, if for some reason you're unable to earn a living from your business, you may become vulnerable to financial loss. Therefore, taking the time to check your insurance policy is airtight will be a great benefit to you.

Business interruption insurance, for example, will ensure you're still able to maintain your staff's wages, pay any outstanding debts, help the cost of repairs and any other financial aid needed should your operation become interrupted by property damage.

Getting in contact with the team at Elders Insurance will put you in touch with an insurance expert, who can help you navigate the ins and outs of each policy and aid your search for the most appropriate solution for you.